Madison Realty Capital. the New York Based private equity real estate firm, is closing on $33 million in first mortgage financing for 45 Park Place in downtown Manhattan. The luxury condo tower is under development by Soho Properties, a commercial real estate investment firm that owns office, multi-family and retail developments.
Headed by Sharif El-Gamal and founded in 2003, Soho Properties filed plans with the New York City Department of Buildings in May and expects to start construction in 2015. The loan from MRC will be used to fund predevelopment and other costs associated with the 120,000 sq foot project.
Designed by architect Michel Abboud of SOMA Architects, along with Ismael Leyva Architects, 45 Park Place is a glass and steel tower that will be 665 feet high and offer panoramic views from its location at the southern edge of the Tribeca Historic District. The tower will be near a museum and public green space designed by famous architect Jean Nouvel. Construction is expected to begin in 2015 and be finished in 2017.
“Soho Properties has assembled a prime site, engaged great architects, and is creating adjacent cultural and green spaces that further enhance the location,” Josh Zegen, co-founder and managing principal of MRC, said in a news release.
The Soho Properties team arranges and participates in real estate investments in office, residential and retail property markets in New York City, generating returns through the acquisition of both single assets, as well as portfolios, and has executed over $1 billion in New York City transactions since inception. Soho Properties also ecently announced plans for a $300 million development of a new hotel and retail space in Times Square.
MRC pursues real estate equity and debt investments in the middle market. Founded in 2004, MRC has invested in approximately $2.5 billion of transactions in the multifamily, retail, office and industrial sectors.